How to Bet With Bitcoin

How To Bet With Bitcoin

If you have any experience at all with online sports betting you will have noticed that cryptocurrency is really making inroads into the industry. Gambling firms are always very quick to adopt new business opportunities and the rise in popularity of digital currencies has not escaped their attention.

Bitcoin is the most well known cryptocurrency and has been at the forefront of the way that it has become more mainstream across the board. So it follows that Bitcoin is also the most popular crypto when it comes to sports betting. Here’s a beginner’s guide to using crypto for your online betting.

Why Bet With Bitcoin?

The reasons for considering Bitcoin for sports betting are essentially the same as for using it for any other kind of transaction. The security of blockchain technology is a major plus for people living in areas where the financial infrastructure is perhaps not as stable.

The anonymity is also a major attraction – either for people betting large amounts of money or for customers that just don’t want their business to be public knowledge. As this is a relatively new way of betting, there are also a lot of exclusive offers concerning Bitcoin as a payment method.

How-To Guide to Crypto Betting

You may have already taken your first steps into either Bitcoin investment or started making transactions using cryptocurrency. But to start betting you will first need to register with an online sportsbook. Once you have done that you can set up a cryptocurrency wallet and purchase Bitcoin on an exchange like Coinbase.

Once you have the Bitcoin, you can transfer it into your wallet to keep it safe and secure. Then you just have to deposit it into your online betting account just like any payment method. Some sportsbooks may instantly convert the Bitcoin into a fiat currency for use – but that depends on the individual sites.

Betting Options

So, now you have your Bitcoin and you have signed up for a customer account at an online betting site. It is the time to explore the markets and make your bets. At this point there is really no difference at all between using Bitcoin and using dollars, pounds or Euros.

Search the betting markets for the events, leagues, and sports that you know about and feel confident betting on. You should always make your selections using as much information as possible. You may still see Bitcoin as something to ‘try out’ – but it is real money and you need to take this seriously.

Betting Options With Bitcoin

Exclusive Offers

You may find that some sites offer promotions and offers that boost odds for using Bitcoin. As we mentioned before, sportsbooks are looking to attract new customers who use Bitcoin – or make the use of Bitcoin more attractive to their existing customers. That means there could be a lot of offers to take advantage of.

As cryptocurrency gets even more popular, there are even betting sites that deal exclusively with Bitcoin and other digital currencies. This seems to be a good move for the acceptance of crypto – but if you are new to sports betting it might be a better idea to stick with the more established betting sites to begin with.

The Future of Betting

With the use of Bitcoin becoming more mainstream and blockchain technology being adopted in a growing range of business sectors, it seems only natural that crypto betting is going to become even more popular. The advantages are obvious to both the customers and the bookmakers.

But we may well be moving towards some kind of further regulation. That may go against some of the basic tenets of digital currencies, but the gambling industry is under pressure from governments around the world to be more transparent. If cryptocurrency users can work out a way to make that work with the reasons they want to use Bitcoin in the first place, the relationship should only get stronger.

It feels as though Bitcoin is becoming ever-more mainstream – and you can be sure that the betting industry will be at the front of making that happen.

Last updated Oct 19, 2022

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